REGISTERED NUMBER: 04409477 (England and Wales)

WALLS TRUCK SERVICES LIMITED

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 May 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

A J Wall

J M Wall

M E Wall

SECRETARY:

J E Bull

REGISTERED OFFICE:

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

REGISTERED NUMBER:

04409477 (England and Wales)

AUDITORS:

Advantage Accountancy & Advisory Ltd,

Chartered Certified Accountants and

Statutory Auditors,

Avalon House,

5-7 Cathedral Road,

Cardiff,

CF11 9HA

The directors present their strategic report of the company and the group for the year ended 30 May 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As for many businesses of our size, the business environment in which we operate continues to be challenging and in light of this and the competitive nature of the industry, we consider the company's results for the year and its financial position at the year end to be satisfactory and believe that the company is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise.

KEY PERFORMANCE INDICATORS

We consider that the key financial performance indicators for the company are those that best communicate the financial performance and strength of the business as a whole. These indicators are turnover and profit before tax.

Turnover for the year decreased to £9,898,627 (2024: £10,216,859). This reduction reflects a strategic decision by management to prioritise higher margin activities. As a result, the gross profit margin increased to 37.8% (2024: 32.7%), driven by reduced direct running costs and payroll costs. This improvement in margin contributed to maintaining a similar profit before tax, which amounted to £829,052 (2024: £855,477).

During the year, the Company continued to invest in environmentally compliant vehicles. This investment supports the long term operational strategy of the business but has resulted in increased depreciation charges in the year.

The Board continues to closely manage overheads and takes proactive steps to maximise efficiency from the existing infrastructure in order to support sustainable profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

We continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks. The company operates in a highly competitive industry and it responds to this risk by continually improving operational effectiveness, providing a strong brand identity and investing in the future of the business.

The principal risks are being mitigated by means of the following (non-exhaustive) measures:

• Strict upkeep of compliance within our third-party network by means of utilising independent third-party accreditation (PAS43, ISO 9001 etc) and independent verification of insurance through brokers/insurers.

• Continuous investment in environmentally compliant Euro 6 vehicles ensuring ULEZ/LEZ compliance, fuel efficiency and the ability to continue to service major urban areas as low emission zones are implemented and/or extended.

• Constantly monitoring fuel price, comparing fuel card site availability to ensure supply is maintained.

SECTION 172(1) STATEMENT

In accordance with Section 172(1) of the Companies Act 2006, the directors of Walls Truck Services Limited have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to the following factors:

• Long-term Consequences & future developments: The directors have consistently made strategic decisions and exercised judgement with long-term perspective, aiming to ensure sustainable growth and stability for the company. This includes continual investment in modern vehicles; ongoing investment in our workshop ensuring it is up to date with all necessary equipment and personnel in order to maintain our fleet and our customers fleet to the highest standards; continual investment in our existing depots; and ongoing investment in the latest technology to support the efficiency of our operation to secure the company's future.

• Interest of Employees: The board places great importance on the interests and welfare of our employees. The implementation of initiatives such as the provision of industry training schemes, first aid training, workplace safety measures, welfare facilities in our fleet workshop and at our depots reflect our commitment to creating a supportive and productive work environment.

• Business Relationships: We have fostered strong relationships with suppliers, customers and other business partners. The directors understand that these relationships are vital for the company's success and have made decisions that enhance these relationships, ensuring mutual growth and respect.

• Impact on Community and Environment: The directors are mindful of the company's role in the wider community and its environmental responsibilities. We have continued to support young people through workplace modern apprenticeships, and we continue to invest in environmentally compliant Euro 6 vehicles.

• Maintaining Company Reputation: The board recognises the importance of upholding a strong and ethical reputation. Our business practices and policies are designed to reflect our commitment to integrity and corporate responsibility.

• Acting Fairly Between Members: In all decisions, the directors have strived to act fairly between the members of the company ensuring transparency, equity and respect in our engagement with shareholders.

Throughout the year, the directors have applied their collective expertise and judgement to make decisions that balance these considerations, always with the aim of ensuring the long-term success of Walls Truck Services Limited.

ON BEHALF OF THE BOARD:

J M Wall - Director

29 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of motor vehicle recovery.

DIVIDENDS

The total distribution of dividends for the year ended 30 May 2025 will be £ 132,687 .

RESEARCH AND DEVELOPMENT

No significant research and development activities were undertaken during the period ending 30 May 2024 (2023: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 31 May 2024 to the date of this report.

A J Wall

J M Wall

M E Wall

Other changes in directors holding office are as follows:

J M Wall - deceased 22 October 2024

FINANCIAL INSTRUMENTS

See note 2 in relation to disclosure on financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Advantage Accountancy & Advisory Ltd,, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Wall - Director

29 May 2026

Opinion

We have audited the financial statements of Walls Truck Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 May 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 May 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations;

•We obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006 , UK corporate taxation laws, employment legislation and health and safety legislation.* We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence.

•We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

• understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

• performing analytical procedures to identify any unusual or unexpected relationships;

• challenging assumptions and judgements made by management in its significant accounting estimates;

• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

• assessing the extent of compliance with relevant laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen John Bickerton (Senior Statutory Auditor)

for and on behalf of Advantage Accountancy & Advisory Ltd,

Chartered Certified Accountants and

Statutory Auditors,

Avalon House,

5-7 Cathedral Road,

Cardiff,

CF11 9HA

29 May 2026

TURNOVER

3

9,898,627

10,216,859

Cost of sales

(6,153,831

)

(6,879,363

)

GROSS PROFIT

3,744,796

3,337,496

Administrative expenses

(3,025,747

)

(2,755,231

)

719,049

582,265

Other operating income

4

500,000

569,911

OPERATING PROFIT

6

1,219,049

1,152,176

Interest receivable and similar income

8

466

-

1,219,515

1,152,176

Interest payable and similar expenses

9

(390,463

)

(296,699

)

PROFIT BEFORE TAXATION

829,052

855,477

Tax on profit

10

(229,722

)

(346,216

)

PROFIT FOR THE FINANCIAL YEAR

599,330

509,261

Profit attributable to:

Owners of the parent

599,330

509,261

PROFIT FOR THE YEAR

599,330

509,261

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

599,330

509,261

Total comprehensive income attributable to:

Owners of the parent

599,330

509,261

FIXED ASSETS

Intangible assets

13

175,500

-

Tangible assets

14

5,539,363

4,003,783

Investments

15

-

-

5,714,863

4,003,783

CURRENT ASSETS

Stocks

16

32,127

46,416

Debtors

17

3,737,074

3,736,526

Cash at bank and in hand

104,689

119,685

3,873,890

3,902,627

CREDITORS

Amounts falling due within one year

18

(4,503,439

)

(4,599,220

)

NET CURRENT LIABILITIES

(629,549

)

(696,593

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,085,314

3,307,190

CREDITORS

Amounts falling due after more than one year

19

(2,840,656

)

(1,855,897

)

PROVISIONS FOR LIABILITIES

23

(1,017,596

)

(690,874

)

NET ASSETS

1,227,062

760,419

CAPITAL AND RESERVES

Called up share capital

24

350,100

350,100

Retained earnings

25

876,962

410,319

SHAREHOLDERS' FUNDS

1,227,062

760,419

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

J M Wall - Director

FIXED ASSETS

Intangible assets

13

175,500

-

Tangible assets

14

5,499,457

3,916,761

Investments

15

-

-

5,674,957

3,916,761

CURRENT ASSETS

Stocks

16

27,627

37,101

Debtors

17

4,191,483

3,771,605

Cash at bank and in hand

95,825

118,600

4,314,935

3,927,306

CREDITORS

Amounts falling due within one year

18

(3,900,261

)

(3,906,964

)

NET CURRENT ASSETS

414,674

20,342

TOTAL ASSETS LESS CURRENT LIABILITIES

6,089,631

3,937,103

CREDITORS

Amounts falling due after more than one year

19

(2,840,656

)

(1,855,897

)

PROVISIONS FOR LIABILITIES

23

(1,017,596

)

(690,874

)

NET ASSETS

2,231,379

1,390,332

CAPITAL AND RESERVES

Called up share capital

24

350,100

350,100

Retained earnings

1,881,279

1,040,232

SHAREHOLDERS' FUNDS

2,231,379

1,390,332

Company's profit for the financial year

973,734

628,391

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

J M Wall - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

350,100

(15,541

)

334,559

Changes in equity

Dividends

-

(83,401

)

(83,401

)

Total comprehensive income

-

509,261

509,261

Balance at 30 May 2024

350,100

410,319

760,419

Changes in equity

Dividends

-

(132,687

)

(132,687

)

Total comprehensive income

-

599,330

599,330

Balance at 30 May 2025

350,100

876,962

1,227,062

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

350,100

495,242

845,342

Changes in equity

Dividends

-

(83,401

)

(83,401

)

Total comprehensive income

-

628,391

628,391

Balance at 30 May 2024

350,100

1,040,232

1,390,332

Changes in equity

Dividends

-

(132,687

)

(132,687

)

Total comprehensive income

-

973,734

973,734

Balance at 30 May 2025

350,100

1,881,279

2,231,379

Cash flows from operating activities

Cash generated from operations

1

2,043,276

1,495,569

Interest paid

(390,463

)

(296,699

)

Tax paid

(174,800

)

-

Net cash from operating activities

1,478,013

1,198,870

Cash flows from investing activities

Purchase of intangible fixed assets

(195,000

)

-

Purchase of tangible fixed assets

(2,262,000

)

(1,997,146

)

Sale of tangible fixed assets

193,000

298,050

Interest received

466

-

Net cash from investing activities

(2,263,534

)

(1,699,096

)

Cash flows from financing activities

Other loan repayments in year

(57,499

)

(55,250

)

Loan repayments in year

(13,863

)

(12,098

)

HP deposits paid

(92,956

)

(109,233

)

New HP loan

2,983,230

2,444,137

Capital repayments in year

(1,617,897

)

(1,435,159

)

Amount introduced by directors

13,381

-

Amount withdrawn by directors

(21,611

)

(111,748

)

Amounts paid to related parties

(289,573

)

(124,279

)

Equity dividends paid

(132,687

)

(83,401

)

Net cash from financing activities

770,525

512,969

(Decrease)/increase in cash and cash equivalents

(14,996

)

12,743

Cash and cash equivalents at beginning of year

2

119,685

106,942

Cash and cash equivalents at end of year

2

104,689

119,685

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1/6/23

Year Ended

to

30/5/25

30/5/24

£

£

Profit before taxation

829,052

855,477

Depreciation charges

540,824

430,054

(Profit)/loss on disposal of fixed assets

(7,405

)

111,261

Amortisation charges

19,500

-

Dilapidation provision

97,000

-

Finance costs

390,463

296,699

Finance income

(466

)

-

1,868,968

1,693,491

Decrease in stocks

14,289

1,759

Decrease in trade and other debtors

324,136

35,745

Decrease in trade and other creditors

(164,117

)

(235,426

)

Cash generated from operations

2,043,276

1,495,569

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 May 2025

30/5/25

31/5/24

£

£

Cash and cash equivalents

104,689

119,685

Period ended 30 May 2024

30/5/24

1/6/23

£

£

Cash and cash equivalents

119,685

106,942

3.	ANALYSIS OF CHANGES IN NET DEBT

At 31/5/24

Cash flow

At 30/5/25

£

£

£

Net cash

Cash at bank and in hand

119,685

(14,996

)

104,689

119,685

(14,996

)

104,689

Debt

Finance leases

(2,534,766

)

(1,250,526

)

(3,785,292

)

Debts falling due within 1 year

(67,025

)

57,499

(9,526

)

Debts falling due after 1 year

(67,394

)

13,863

(53,531

)

(2,669,185

)

(1,179,164

)

(3,848,349

)

Total

(2,549,500

)

(1,194,160

)

(3,743,660

)